Common use of Notification of Material Adverse Change Clause in Contracts

Notification of Material Adverse Change. The Mortgagor and the Borrower will promptly notify the Lender of any material event or adverse change in the condition (financial or otherwise) of the Mortgagor and/or the Borrower and of any litigation or proceedings being threatened or initiated against the Mortgagor and/or the Borrower before any court tribunal or administrative agency, which might materially affect the operations or financial condition of the Mortgagor and/or the Borrower (as the case may be) all such notifications to be given to the Lender not later than seven (7) days after the Mortgagor and/or the Borrower has knowledge of the said change or of the said litigation or proceedings or threat thereof and the amount of contingent liability if such amount is ascertainable;